Real Estate News
Property Tax Appeals Workshop — January 17th
Cook County Commissioner John Fritchey (D-12th), in conjunction with Board of Review Commissioner Michael Cabonargi, will host a property tax appeals workshop for property owners in North and West Townships. Property owners can find their township on the upper-right corner of their property tax bill.
The workshop is part of an ongoing series of workshops to assist those who want to appeal their property taxes with the Cook County Board of Review. Future workshops will be done by township as they open for appeals.
DATE: Tuesday, January 17, 2012
TIME: 6:30 P.M.
WHERE: Chicago International Charter School (gymnasium), 2235 N. Hamilton
“Now more than ever, property owners should make sure that they are not paying more in property taxes than they need to,” said Commissioner Fritchey. “This workshop will help them in that process.”
Staff will explain the appeals process and assist North and West Township property owners in filing their appeals on site. Attendees are asked to bring a copy of their most recent property tax bill.
Housing Inventory Snapshot – Year Ended December 31, 2011
| Housing Inventory Snapshot |
Year Ended December 2011 |
||
|
Average List Price |
*Median List Price |
DOM – # Units |
|
| Park West Active Listings | |||
| Single Family under $1M |
604,500 |
$605,500 |
95 | 2 |
| Single Family over $1M |
4,278,500 |
$3,150,000 |
224 | 10 |
| Condo/Townhome under $600K |
261,256 |
$247,000 |
200 | 92 |
| Condo/Townhome over $600K |
2,529,817 |
$1,491,440 |
414 | 18 |
| Housing Inventory Snapshot |
Year Ended December 2011 |
|||
|
Average List Price |
Median List Price |
DOM – # Units |
||
| Lincoln Park Active Listings | ||||
| Single Family under $1M |
$795,586 |
$849,500 |
287 | 21 |
|
| Single Family over $1M |
$2,724,033 |
$2,250,000 |
296 | 101 |
|
| Condo/Townhome under $600K |
$339,303 |
$324,900 |
204 | 360 |
|
| Condo/Townhome over $600K |
$1,229,119 |
$795,000 |
240 | 85 |
|
| Housing Inventory Snapshot |
Year Ended December 2011 |
|||
|
Average List Price |
Average Sale Price |
DOM – # Units |
||
| Park West Sold | ||||
| Single Family under $1M |
997,833 |
883,333 |
180 | 3 |
|
| Single Family over $1M |
$2,155,000 |
1,931,250 |
404 | 8 |
|
| Condo/Townhome under $600K |
$298,972 |
$284,645 |
150 | 134 |
|
| Condo/Townhome over $600K |
$782,523 |
$733,308 |
222 | 13 |
|
| Housing Inventory Snapshot |
Year Ended December 2011 |
|||
|
Average List Price |
Average Sale Price |
DOM – # Units |
||
| Lincoln Park Sold | ||||
| Single Family under $1M |
$819,780 |
$753,831 |
125 | 43 |
|
| Single Family over $1M |
$2,024,867 |
$1,849,652 |
241 | 101 |
|
| Condo/Townhome under $600K |
$356,508 |
$337,569 |
159 | 552 |
|
| Condo/Townhome over $600K |
$805,436 |
$762,998 |
158 | 124 |
|
I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date. Data is from Midwest Real Estate Data LLC.
DOM = Average Days on Market
*Median List Price calculation is based on past 3 months.
Childrens Memorial Redevelopment Meeting December 14th
Submitted by guest blogger Patricia Joseph
Park West members joined with neighbors from other community associations to review and comment on the conceptual plans for the Children’s Memorial Hospital site at a Town Hall Meeting on December 14, 2011 at the Hospital’s Bigler Auditorium.
Alderman Smith kicked off the presentation, stressing that the neighborhood is behind a development that will serve as a crossroads for the community and be award winning in its design. This was the second community communications meeting, covering the “conceptual plan” for the CMH property. With the Hospital moving to its new digs in June, 2012, the pressure is on to come up with a plan for the site so that work can begin late in 2012.
Dan McCaffery, Chairman and CEO of McCaffery Interests, and Joe Antunovich of Antunovich Associates, presented the plan that focused on two floors of retail from Belden to Fullerton on Lincoln Avenue. The emphasis was on creating a lively street level presence with residential space above the retail rising to between 16 and 20 stories.
An interior courtyard accessed from Lincoln was also part of the plan as it is envisioned today.
The intent is to retain and repurpose the vintage buildings along Lincoln, opening up the boiler building, laundry and the terra cotta building that currently houses the White Elephant Shop on Lincoln, to new retail space. Other vintage buildings that are part of the complex, the Wilson Jones building on Orchard south of Fullerton and Nellie Black on corner of Fullerton and Orchard would be developed separately.
Green roofs, a public meeting space, and rooftop gardens are other amenities included in the plan.
While this presentation covered the ideas and concepts that might be ideal for the community and redevelopment of the site, it was stressed that lining up commitments from retailers and financing was key to moving forward with this idea.
A PDF of the presentation is posted on the Alderman’s website http://ward43.org and/or you can access segments of the meeting on the Alderman’s YouTube channel.
The Wrigley Mansion is For Sale
The Wrigley Mansion is for sale and can be yours for $9,500,000. Some basic information on the home follows.
Address: 2466 N. Lakeview Ave.
Year Built: 1896
Architect: Richard E. Schmidt
Date Designated a Chicago Landmark: August 10, 1979
Last purchased: April 2004
Purchase Amount: $6,000,000
Liz Pendens Foreclosure: Filed May 11, 2011
The home is technically the Theuer-Wrigley Mansion according to the post on the City of Chicago’s site. The home was originally built by Joseph Theuer and later sold to William Wrigley Jr. Today most refer to it as the Wrigley Mansion. Joe Zekas of YoChicago has posted lovely photos and a video of the interior.
The photo above was taken by Allen Hess.
Children’s Memorial Hospital Development – Town Hall Meeting
Alderman Michele Smith is holding a Town Hall Meeting
What will happen when Children’s moves?
Children’s Memorial Hospital Development
September 14, 2011
6:30 p.m.
Bigler Auditorium at Children’s Memorial Hospital
2300 Children’s Plaza
I’ve promised that the development process for the Children’s Memorial site will be transparent and data driven. That means we need to understand the impact Children’s has on the neighborhood today so we can compare it to the impact of any future proposal.
I’ve asked Children’s Memorial and the new developer, McCaffrey Interests, to bring this information to you:
- Impact of the hospital on our community today
- Impact on revenue for local businesses that we patronize
- Current “base line” traffic data
- Review of community input to date from HOK, which held three community meetings in 2009
- Introduction of McCaffery Interests, the developer of the site, and their work both locally and nationally
- My requirements for community feedback on the site’s development plans as they unfold
- Timeline for consideration of the development plans
- Your thoughts on future development plans
We look forward to seeing you on September 14th!
Please note: NO DEVELOPMENT PLAN will be presented – this meeting is a review of work to date, and important information for the community.
Park West Mansion in Foreclosure
Photo from Curbed Chicago
This home was a labor of love and no detail was overlooked. The developer built the home for himself and his family utilizing old world craftsmen. When the real estate market took a turn for the worse the owner tried to avoid foreclosure by listing the property…originally at $6,250,000 in January 2009. Intermittent price reductions were taken…very sizable reductions as you can see from the photo on the left.
Today the home is owned by the bank and offered at $2,750,000. The article in Curbed Chicago states that the square footage from the original listing has been reduced from 8,650 square feet to 4,985 which is what is reflected on the tax rolls. Could the difference be outdoor space and garage?
More information and photos can be found here.
Dewes Mansion – A Look Inside of this Chicago Landmark
Have you ever passed by the Francis J. Dewes Mansion at 503 West Wrightwood and wonder what it was like inside? A few months ago I had an opportunity to view the recent restoration of the mansion and it is spectacular!
This landmark property is currently listed for sale at $9.9 million. Yo-Chicago which reports on the Chicago Real Estate market has filmed this property and the links to the three part series follow:
Francis J Dewes Mansion Part I, A Chicago Landmark
Francis J Dewes Mansion Part II, The Grand Entertaining Spaces
Francis J Dewes Mansion Part III, The Private Quarters
Enjoy!